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Pension savers are struggling with so-called ‘retirement envy’ as they see the living standards and lifestyles of people who are already retired, says new research.

A TUC-sponsored report has found that women, carers, ethnic minorities and the self employed lag well behind behind the average man when it comes to pension saving.

Any moves to further reduce tax relief on future pension contributions would be a “second tax grab on pension savers”.

George Osborne has a “once in a lifetime opportunity” to create a tax environment to support decent living standards in retirement.

A Sipp and ISA firm, which went into administration this week, has been bought by Embark Group, the parent company of Hornbuckle, it was announced this morning.

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